Wednesday, April 9, 2008
REApplications Acquired By LoopNet
San Diego-based REApplications, a developer of software for managing commercial real estate brokerage operations, has been acquired by LoopNet, a San Francisco-based operator of a commercial real estate marketplace. LoopNet said it paid $9.4M in cash for REApplications, which it says will contributed approximately $2.3M in revenues to the firm for the remainder of 2008. REApplications develops software-as-a-service used for managing property inventory, listings and comparables, customer relationship management, project tracking, comissions, and other management of commercial real estate operations. The firm was founded in 1999. LoopNet said that REApplications will become a wholly-owned subsidiary of LoopNet, and the firm's senior operating executive will remain with LoopNet after the acquisition.